According to a new report from The New York Times, Google is planning to announce an overhaul of its mobile payment solutions at Google I/O this week. As part of the overhaul, Google reportedly plans to introduce a new service called Android Pay and reintroduce Google Wallet with a new focus.
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Android Pay allows merchents to accept credit card payments from within their Android Apps, similar to what Apple Pay allows them to do on iOS devices. Android Pay will also be integrated with loyalty and rewards programs, a feature that Apple is expected to add to its offering at WWDC in June. Finally, Android Pay will also be supported at retail locations, allowing merchants to accept credit card payments from their mobile apps.
Regarding Google Wallet, the report claims that the service will still exist, but will be spun as different from Android Pay. Google Wallet is expected to be marketed as a service that allows users to send money to each other directly from their bank accounts.